"We were very happy with his run on the first day and he had done well since," Oulaghan said.
Spirits were furthered buoyed after a solid final work-out from the 10-year-old on Thursday morning.
Upper Cut was in touch with the pace throughout and the son of Yamanin Vital stayed on strongly after jumping the final fence in front under leading Australian jockey Paul Hamblin.
"It's been a good year for me and this tops it off," he said. "He was a bit keen like he was the other day, but he kept finding. It's not about me though - it's the trainer and I've always had respect for him."
Upper Cut beat Mr Mor, who also finished runner-up 12 months ago, by half a length and they were clear of Gargamel, who nosed last year's winner High Forty out of third money.
The favourite The Big Opal made the running before he slipped on landing after clearing the fence 1000m out and rider Matt Gillies lost an iron. He tried to stay balanced, but they came to grief at the final flight.
- NZ Racing Desk